SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549

                                  FORM 10-QSB

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                            EXCHANGE ACT OF 1934

    For the quarterly period ended June 30, 2002

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                            EXCHANGE ACT OF 1934

                                 000-30087
                          Commission file number

                                AMG OIL LTD.
           (Exact name of Small Business Issuer as Specified in its Charter)

         State of Nevada                              N/A
  (State or other jurisdiction                 (I.R.S. Employer
 of Incorporation or Organization)          or Identification Number)


                      Suite 1400, 700 - 4th Avenue,
                           Calgary, AB, T2P-3J4
               (Address of Principal Executive Offices)
                             (403) 531-9718
            (Issuer's Telephone Number, including Area Code)

 Check whether the Issuer (1) filed all reports required to be filed by Section
 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the Registrant was required to file such reports), and (2) has been
         subject to such filing requirements for the past 90 days.

                         Yes [X]         No [ ]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS

  Check whether the registrant filed all documents and reports required to be
 filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
                   securities under a plan confirmed by court.
                         Yes ___ No ___

                    APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the Issuer's classes of common
 equity, as of the latest practicable date: Common, $.00001 par value per share:
                19,600,000 outstanding as of August 14, 2002

   Transitional Small Business Disclosure Format (check one): Yes ___ No _X_


<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

================================================================================
AMG OIL LTD.
(A Development Stage Enterprise)
Consolidated Interim Balance Sheets
================================================================================
<TABLE>
<CAPTION>
                                                           June 30,                  June 30,             September 30,
                                                             2002                      2001                     2001
                                                   (Unaudited - Prepared     (Unaudited - Prepared            (Audited)
                                                       by Management)             by Management)
<S>                                                  <C>                       <C>                       <C>
Assets
Current
Cash                                                 $       187,164           $       294,776           $       277,641
Accounts receivable                                             -                            4                       137
Prepaid expenses                                               1,434                     4,008                     2,912
------------------------------------------------------------------------------------------------------------------------
                                                             188,598                   298,788                   280,690

Investments                                                   10,993                    12,275                    11,919
Property and equipment                                         3,250                     4,403                     4,043
Oil and gas interest                                         286,090                   311,025                   274,671
------------------------------------------------------------------------------------------------------------------------
Total Assets                                         $       488,931           $       629,491           $       571,323
========================================================================================================================


Liabilities
Current
Accounts payable and accrued liabilities             $         5,820           $         2,984           $        7,518
Due to related parties                                        10,901                    40,849                    9,900
------------------------------------------------------------------------------------------------------------------------
Total Liabilities                                             16,721                    43,833                   17,418
------------------------------------------------------------------------------------------------------------------------

Commitments and Contingencies

Stockholders' Equity
Common stock, $0.00001 par value
100,000,000 shares authorized
Issued and outstanding at June 30,
  2002: 19,600,000 shares
  2001: 19,600,000 shares                                        196                       196                      196
Additional paid-in capital                                 2,849,244                 2,802,581                2,817,374
Deficit accumulated during the development stage          (2,377,230)               (2,220,119)              (2,263,665)
------------------------------------------------------------------------------------------------------------------------
Total Stockholders' Equity                                   472,210                   582,658                  553,905

------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity           $       488,931           $       626,491           $      571,323
========================================================================================================================
</TABLE>



        See accompanying notes to the consolidated financial statements

<PAGE>

================================================================================
AMG OIL LTD.
(A Development Stage Enterprise)
Consolidated Interim Statements of Operations
(Unaudited - Prepared by Management)
================================================================================
<TABLE>
<CAPTION>
                                                                                                                      Cumulative
                                                                                                                    From Inception
                                              Three Months      Three Months       Nine Months       Nine Months    on February 20,
                                                 Ended             Ended             Ended              Ended           1997 to
                                                June 30,          June 30,          June 30,           June 30,         June 30,
                                                  2002              2001              2002              2001             2002
----------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>               <C>               <C>               <C>               <C>
Expenses

General and administrative                   $      28,567     $      39,259     $     115,752     $     135,206     $     648,608
Loss on sale of investments                           -                 -                 -                 -               16,135
Write-down of investments                             -                 -                  926            18,766           234,780
Write-down of oil and gas interest                    -               (1,984)             -              709,344         1,546,189
----------------------------------------------------------------------------------------------------------------------------------
                                                    28,567            37,275           116,678           863,316         2,445,712
----------------------------------------------------------------------------------------------------------------------------------

Other Income

Interest income                                        779             3,200             3,113            13,088            61,543
Gain on sale of oil and gas interest                  -                 -                 -                 -                6,939
----------------------------------------------------------------------------------------------------------------------------------
                                                       779             3,200             3,113            13,088            68,482

Net loss for the period                      $     (27,788)    $     (34,075)    $    (113,565)    $    (850,228)    $  (2,377,230)
==================================================================================================================================

Basic and diluted loss per share             $       (0.00)    $       (0.00)    $       (0.00)    $       (0.04)    $       (0.12)
==================================================================================================================================
</TABLE>



     See accompanying notes to the consolidated financial statements

<PAGE>

================================================================================
AMG OIL LTD.
(A Development Stage Enterprise)
Consolidated Interim Statements of Cash Flows
(Unaudited - Prepared by Management)
================================================================================
<TABLE>
<CAPTION>
                                                                                                                      Cumulative
                                                                                                                    From Inception
                                              Three Months      Three Months       Nine Months       Nine Months    on February 20,
                                                 Ended             Ended             Ended              Ended           1997 to
                                                June 30,          June 30,          June 30,           June 30,         June 30,
                                                  2002              2001              2002              2001             2002
----------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>               <C>               <C>               <C>               <C>
Operating Activities
Net loss for the period                      $     (27,788)    $     (34,075)    $    (113,565)    $    (850,228)    $  (2,377,230)
Adjustments to reconcile net loss to
 cash applied to operating activities:
   Depreciation                                        264               359               793             1,077             2,639
   Compensation expense from stock
     options                                         7,623            21,495            31,870            79,522           168,440
   Loss on sale of investments                        -                 -                 -                 -               16,135
   Write-down of investments                          -                 -                  926            18,766           234,780
   Write-down of oil and gas interest                 -               (1,984)             -              709,344         1,546,189
   Gain on sale of oil and gas interest               -                 -                 -                 -               (6,939)
Changes in non-cash working capital:
   Accounts receivable                                 190                 2               137               159              -
   Accounts payable and accrued
    liabilities                                     (3,240)           (3,473)           (1,698)          (12,028)            5,820
   Due to related parties                            1,292             4,056             1,001            17,445            10,901
   Prepaid expenses                                  1,427              -                1,478             2,395            (1,434)
----------------------------------------------------------------------------------------------------------------------------------
Net cash used in operating activities              (20,232)          (13,620)          (79,058)          (33,548)         (400,699)
----------------------------------------------------------------------------------------------------------------------------------

Financing Activities
Common shares issued for cash                         -                 -                 -                 -            2,681,000
----------------------------------------------------------------------------------------------------------------------------------

Net cash provided by financing activities             -                 -                 -                 -            2,681,000
----------------------------------------------------------------------------------------------------------------------------------

Investing Activities
Purchase of investments                               -                 -                 -                 -             (324,856)
Proceeds from sale of investments                     -                 -                 -                 -               72,948
Oil and gas exploration expenditures                  (376)            2,744           (11,419)         (522,382)       (1,835,340)
Purchase of property and equipment                    -                   (1)             -                 (102)           (5,889)
----------------------------------------------------------------------------------------------------------------------------------

Net cash provided by (used in)
  investing activities                                (376)            2,743           (11,419)         (522,484)       (2,093,137)
----------------------------------------------------------------------------------------------------------------------------------

Net increase (decrease) in cash
  during the period                                (20,608)          (10,877)          (90,477)         (556,032)          187,164
Cash position - Beginning of Period                207,772           305,653           277,641           850,808              -
----------------------------------------------------------------------------------------------------------------------------------

Cash position - End of period                $     187,164     $     294,776     $     187,164     $     294,776     $     187,164
==================================================================================================================================
</TABLE>

     See accompanying notes to the consolidated financial statements

<PAGE>

================================================================================
AMG OIL LTD.
(A Development Stage Enterprise)
Consolidated Interim Statements of Changes in Stockholders' Equity
(Unaudited - Prepared by Management)
================================================================================

For the Nine Months Ended June 30, 2002
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                Deficit
                                                                              Accumulated
                                                            Additional          During the             Total
                                    Common Stock             Paid-in           Development         Stockholders'
                              -------------------------
                                Shares         Amount        Capital               Stage               Equity
                              -------------------------------------------------------------------------------------
<S>                             <C>              <C>           <C>               <C>                <C>
Balance at September 30, 2001   19,600,000       $  196        $  2,817,374      $ (2,263,665)      $    553,905

Net compensation expense
   from stock options                                                31,870                               31,870
Net loss during the period                                                           (113,565)          (113,565)
                              ----------------------------------------------------------------------------------

Balance at June 30, 2002        19,600,000       $  196        $  2,849,244       $ (2,377,230)     $    472,210
                              ==================================================================================
</TABLE>




     See accompanying notes to the consolidated financial statements

<PAGE>

================================================================================
AMG OIL LTD.
(A Development Stage Enterprise)
Notes to the Consolidated Interim Financial Statements
(Unaudited - Prepared by Management)
================================================================================

For the Nine Months Ended June 30, 2002 and 2001
--------------------------------------------------------------------------------


NOTE 1 - NATURE OF OPERATIONS AND CONTINGENCIES

The Company was incorporated under the laws of the State of Nevada as Trans New
Zealand Oil Company on February 20, 1997. The Company's name was subsequently
changed to AMG Oil Ltd. on July 27, 1998. The business of the Company is the
acquisition and exploration of oil and gas interests.

The Company is a development stage enterprise and is required to identify that
these consolidated financial statements are those of a development stage
enterprise in accordance with paragraph 12 of Statement of Financial Accounting
Standards No. 7. However, the Company is primarily engaged in the exploration
of PEP 38256, its only oil and gas interest, and is not engaged in the
development of PEP 38256, as that term is defined in the oil and gas industry.

The Company has yet to determine whether PEP 38256 contains oil and gas reserves
that are economically recoverable. Further, there can be no assurance that the
Company will ever discover commercial quantities of oil and gas or obtain proved
reserves. The recoverability of the amounts capitalized for oil and gas
property is dependent upon the completion of exploration work, the discovery of
oil and gas reserves in commercial quantities and the subsequent development of
such reserves.

The Company does not generate sufficient cash flow from operations to fund its
entire exploration activities and has therefore relied principally upon the
issuance of securities for financing. Additionally, the Company may reduce its
exposure in its oil and gas interest by farming out to other participants. The
Company intends to continue relying upon these measures to finance its
operations and exploration activities to the extent such measures are available
and obtainable under terms acceptable to the Company. These conditions raise
substantial doubt regarding the Company's ability to continue as a going
concern.

Refer to Note 6

NOTE 2 - ACCOUNTING PRINCIPLES AND USE OF ESTIMATES

The accompanying unaudited consolidated interim financial statements of AMG Oil
Ltd. and its wholly owned subsidiaries, AMG Oil Holdings Ltd., AMG Oil (NZ)
Limited and Trans New Zealand Oil (PNG) Limited have been prepared in accordance
with generally accepted accounting principles for interim financial information
and the instructions to Form 10-QSB as prescribed by the Securities and Exchange
Commission. This form 10-QSB should be read in conjunction with the Company's
September 30, 2001 Form 10-KSB. All material adjustments which, in the opinion
of management, are necessary for a fair presentation of the results for the
interim periods have been reflected. The results of the nine months ended June
30, 2002 are not necessarily indicative of the results to be expected for the
full year.

NOTE 3 - INVESTMENTS

Investments are comprised of 2,205 common shares (2001: 2,205 shares) of
Trans-Orient Petroleum Ltd. ("Trans-Orient") acquired at a cost of $235,773
(2001: $235,773) and having a fair value of $1,213 (2001: $2,779) and 600,000
common shares (2001: 600,000) of Gondwana Energy, Ltd. ("Gondwana") acquired at
a deemed cost of $10,000 and having a fair value of $10,000 (2001: $10,000).


<PAGE>

================================================================================
AMG OIL LTD.
(A Development Stage Enterprise)
Notes to the Consolidated Interim Financial Statements
(Unaudited - Prepared by Management)
================================================================================

For the Nine Months Ended June 30, 2002 and 2001
--------------------------------------------------------------------------------


NOTE 3 - INVESTMENTS (continued)

During the nine month period ended June 30, 2002 the Company recorded a
write-down of investments of $926, compared to a $18,766 write-down for the
comparable period in 2001, resulting from an other-than-temporary impairment in
the fair value of Trans-Orient. The amount of the write-down was accounted for
as a realized loss and included in earnings.

During the quarter ended June 30, 2002, Trans-Orient consolidated its common
shares on a one new share for every three old shares basis resulting in the
Company's share ownership of Trans-Orient being reduced from 6,616 shares to
2,205 shares. The results of this consolidation have been shown on a retroactive
basis.

Refer to Note 5

NOTE 4 - OIL AND GAS INTEREST

As at June 30, 2002, the Company has a 52.5% participating interest in Petroleum
Exploration Permit 38256 ("PEP 38256"), which was granted on August 25, 1997.
PEP 38256 is located in New Zealand and provides for the exclusive right to
explore for petroleum for an initial term of five years, renewable for an
additional five years. One-half of the original area was relinquished on August
25, 2000, and a further one half of the remaining area is required to be
relinquished upon renewal of PEP 38256, by August 25, 2002. The other
participant's in PEP 38256 are Indo-Pacific Energy Ltd. ("Indo-Pacific") (20%),
as the operator, TAG Oil Ltd. ("TAG") (formerly "Durum Cons. Energy Corp.")
(10%), Magellan Petroleum Australia Limited (7.5%) and Orion Exploration Limited
(10%).

As of the nine month period ended June 30, 2002, the Company has spent $11,419
on permit maintenance and seismic reprocessing activities in PEP 38256. The
permit is in good standing with respect to its work commitments. The Company's
share of the committed work program for the balance of the 2002 fiscal year
requires an estimated $15,000 of exploration expenditures to be incurred.

Refer to Notes 5 and 6

NOTE 5 - RELATED PARTY TRANSACTIONS

Certain transactions of the Company involve publicly traded companies having
directors, officers and/or principal shareholders in common with the Company.
These companies are Indo-Pacific Energy Ltd. ("Indo-Pacific"), Trans-Orient
Petroleum Ltd. ("Trans-Orient"), TAG Oil Ltd. ("TAG") (formerly "Durum Cons.
Energy Corp."), Gondwana Energy, Ltd. ("Gondwana") and Verida Internet Corp.
("Verida").

a)   Investments

     Investments consist of 2,205 common shares of Trans-Orient and 600,000
     common shares of Gondwana.

     Refer to Note 3

b)   Consulting Agreements

     During the nine months ended June 30, 2002, the Company paid $68 (2001:
     $16,381) in consulting fees to directors of the Company. During the nine
     months ended June 30, 2002, the Company incurred Nil (2001: $9,968) in
     consulting fees and for website services to a company having directors,
     officers and/or principal shareholders in common with the Company.

<PAGE>

================================================================================
AMG OIL LTD.
(A Development Stage Enterprise)
Notes to the Consolidated Interim Financial Statements
(Unaudited - Prepared by Management)
================================================================================

For the Nine Months Ended June 30, 2002 and 2001
--------------------------------------------------------------------------------


NOTE 5 - RELATED PARTY TRANSACTIONS (continued)

c)   Due to Related Parties

     At June 30, 2002 the Company owed $10,901 (2001: $40,849) to certain
     companies having directors, officers and/or principal shareholders in
     common with the Company. This amount is non-interest bearing and has no
     fixed terms of repayment.

d)   Other

     During the nine months ended June 30, 2002, the Company incurred $47,766
     (2001: $46,518) of mainly general and administrative costs through DLJ
     Management Corp., ("DLJ"), a wholly owned subsidiary of Trans-Orient. This
     amount represents costs incurred by DLJ on behalf of the Company.

NOTE 6 - COMMITMENTS AND CONTINGENCIES

The Company participates in oil and gas exploration and development activities
as a joint venturer with related parties and is contractually committed under
agreements to complete certain exploration programs. The Company's management
estimates that the total commitments under various agreements are approximately
$15,000.

The Company is not aware of any events of noncompliance in its operations with
any environmental laws or regulations nor of any potentially material
contingencies related to environmental issues. However, the Company cannot
predict whether any new or amended environmental laws or regulations introduced
in the future will have a material adverse effect on the future business of the
Company.

NOTE 7 - COMMON STOCK

a)   Authorized and Issued Share Capital

     The authorized share capital of the Company is 100,000,000 shares of common
     stock with a par value of $0.00001 per share. At June 30, 2002, there were
     19,600,000 shares (September 30, 2001: 19,600,000 shares) issued and
     outstanding.

b)   Stock Options

     The Company applies Accounting Principles Board Opinion No. 25: Accounting
     for Stock Issued to Employees ("APB 25") to account for all compensatory
     stock options granted. Further, Statement of Financial Accounting Standards
     No. 123: Accounting for Stock-Based Compensation ("SFAS 123") requires
     additional disclosure to reflect the results of the Company had it elected
     to follow SFAS 123.

     SFAS 123 requires a fair value based method of accounting for all
     compensatory stock options using the Black-Scholes option pricing model.
     However, these models were developed for use in estimating the fair value
     of traded options and require the input of and are highly sensitive to
     subjective assumptions including the expected stock price volatility.

     The stock options granted by the Company have characteristics significantly
     different from those of traded options and, in the opinion of management,
     the existing model does not provide a reliable single measure of the fair
     value of any compensatory stock options granted by the Company.


<PAGE>

================================================================================
AMG OIL LTD.
(A Development Stage Enterprise)
Notes to the Consolidated Interim Financial Statements
(Unaudited - Prepared by Management)
================================================================================

For the Nine Months Ended June 30, 2002 and 2001
--------------------------------------------------------------------------------


NOTE 7 - COMMON STOCK (continued)

     In accordance with SFAS 123, the following is a summary of the changes in
     the Company's stock options for the period ended June 30, 2002 and 2001:
<TABLE>
<CAPTION>
                                                 2002                                   2001
                                   -------------------------------------------------------------------
                                                       Weighted                               Weighted
                                                        Average                                Average
                                     Number            Exercise             Number            Exercise
     Fixed Options                  of Shares             Price            of Shares             Price
                                   -------------------------------------------------------------------
     <S>                          <C>                 <C>                <C>                 <C>
     Balance at beginning of
        Period                    232,500             $ 1.53             1,017,500           $ 0.71
        Granted                      -                  -                   15,000             2.00
        Expired                      -                  -                 (800,000)            0.50
                                  -------                                ---------
     Outstanding and
       exercisable at end of
       Period                     232,500             $ 1.53               232,500           $ 1.53
                                  =======                                =========

     Weighted-average fair
       value of options granted
       during the period                              $ -                                    $ -
                                                      ======                                 ======
</TABLE>

     No stock options have been issued or exercised for the period ended June
     30, 2002.

The following is a summary of the Company's net loss and basic and diluted loss
per share as reported and pro forma as if the fair value based method of
accounting defined in SFAS 123 had been applied for the quarters ending June 30,
2002 and 2001:

<TABLE>
<CAPTION>
                                                  2002                            2001
                                     ------------------------------  ------------------------------
                                           As              Pro              As              Pro
                                        Reported          Forma          Reported          Forma
                                     ------------------------------  ------------------------------
     <S>                             <C>             <C>             <C>             <C>
     Net loss for the period         $   (113,565)   $   (104,204)   $   (850,228)   $   (824,968)
                                     ==============================  ==============================

     Basic and diluted
       loss per share                $      (0.00)   $      (0.00)   $      (0.04)   $      (0.04)
                                     ==============================  ==============================
</TABLE>

<PAGE>

================================================================================
AMG OIL LTD.
(A Development Stage Enterprise)
Notes to the Consolidated Interim Financial Statements
(Unaudited - Prepared by Management)
================================================================================

For the Nine Months Ended June 30, 2002 and 2001
--------------------------------------------------------------------------------


NOTE 7 - COMMON STOCK (continued)

The following stock options are outstanding at June 30, 2002:

                Number              Price              Expiry
              Of Shares            per Share            Date
           ---------------     ---------------     ---------------
                217,500              $1.50         June 20, 2005
                 15,000              $2.00         October 31, 2005
           ---------------
                232,500
           ===============

NOTE 8 - LOSS PER SHARE

Statement of Financial Accounting Standards No. 128: Earnings per Share ("SFAS
128") replaces the presentation of primary earnings per share ("EPS") with a
presentation of both basic and diluted EPS for all entities with complex capital
structures including a reconciliation of each numerator and denominator.

Basic EPS excludes dilutive securities and is computed by dividing income
available to common stockholders by the weighted-average number of common shares
outstanding for the year. Diluted EPS reflects the potential dilution that
could occur if dilutive securities were converted into common stock and is
computed similarly to fully-diluted EPS pursuant to previous accounting
pronouncements. SFAS 128 applies equally to loss per share presentations.

Stock options outstanding are not included in the computation of diluted loss
per share as such inclusion would be antidilutive due to net losses incurred for
the quarters ended June 30, 2002 and 2001.

A reconciliation of the numerators and denominators of the basic and diluted
loss per share calculations are as follows:

                                                      2002             2001
                                                 ------------      ------------
     Numerator, net loss for the period          $   (113,565)     $   (850,228)
                                                 ------------      ------------

     Denominator:
      Weighted-average number of shares
        outstanding                                19,600,000        19,600,000
                                                 ------------      ------------

     Basic and diluted loss per share            $      (0.00)     $      (0.04)
                                                 ============      ============

NOTE 9 - INCOME TAXES

There are no income taxes payable by the Company. At June 30, 2002 the Company
has certain resource and other unused tax pools to offset future taxable income
derived in the United States and New Zealand. The benefits of these resource and
other tax pools have been offset by a valuation allowance of the same amount.


<PAGE>

ITEM 2   MANAGEMENT DISCUSSION AND PLAN OF OPERATION

Forward-Looking Statements
--------------------------

This Form 10-QSB includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. All statements in this Form 10-QSB, other than
statements of historical facts, that address activities, events or developments
that we expect, believe or anticipate will or may occur in the future, including
operating costs, future capital expenditures (including the amount and nature
thereof), the drilling of wells, reserve estimates and other such matters are
forward-looking statements. Although we believe the expectations expressed in
such forward-looking statements are based on reasonable assumptions within the
bounds of our knowledge of our business, such statements are not guarantees of
future performance and actual results or developments may differ materially from
those in the forward-looking statements.

Factors that could cause actual results to differ materially from those in
forward-looking statements include: oil and gas prices; exploitation and
exploration successes; continued availability of capital and financing; general
economic, market or business conditions; acquisition opportunities or lack of
opportunities; changes in laws or regulations; risk factors listed from time to
time in our reports filed with the Securities and Exchange Commission; and other
factors.

Our Company was incorporated on February 20, 1997 under the name Trans New
Zealand Oil Company by filing our Articles of Incorporation with the Secretary
of State in Nevada. We changed our name to AMG Oil Ltd. on July 27, 1998. We are
a Calgary, Alberta, Canada based oil and gas exploration company, and our
operations are conducted through our wholly-owned Subsidiary, AMG Oil (NZ) Ltd.
We conduct our exploration activities through an exploration office in
Wellington, New Zealand maintained by Indo-Pacific Energy Ltd., the operator on
our sole exploration Permit. In the future, although there can be no assurances,
we intend to participate in the exploration and, where warranted, development of
our existing permit and to investigate and to acquire interests in other oil and
gas properties in the Austral-Pacific region.

Our sole participating interest at present is in Petroleum Exploration Permit
38256 ("PEP 38256"or the "Permit"), a hydrocarbon exploration permit located on
the South Island of New Zealand. After giving effect to all farm-outs and
reorganizations reported in the 2001 fiscal year the interests in PEP 38256 are
the following:

Company                                              Permit Interests
-------                                              ----------------

AMG Oil Ltd.                                          52.5%
Indo-Pacific Energy Ltd.                              20.0%
Magellan Petroleum Australia Limited                   7.5%
TAG Oil Ltd. (formerly "Durum Cons. Energy Corp.")    10.0%
Orion Exploration Ltd.                                10.0%

We have not received any revenues from oil & gas operations to date, and we are
in a start-up phase with our existing assets. We currently have no significant
assets, tangible or intangible, other than the opportunities for our interest in
PEP 38256. We have ongoing obligations with respect to PEP 38256 and we expect
to need to place additional equity securities with investors, in order to raise
the capital required for our ongoing activities until such time that we can
generate revenues from operations.

<PAGE>

There can be no assurance that we will earn revenue, operate profitably or
provide a return on investment to our security holders. Our activities to date
have consisted primarily of efforts to raise funds, acquire an interest in our
sole Permit, conduct preliminary seismic and geological studies over the Permit
and participate in drilling the Ealing-1 and Arcadia -1 exploration wells in the
fall of 2000. Neither of the exploration wells resulted in hydrocarbon
discoveries, and the wells were subsequently abandoned. As currently structured,
we propose to derive all of our revenue from a discovery of commercial
quantities of hydrocarbons in PEP 38256. By drilling the two exploration wells,
our company and our joint venture partners have met all the Permit work
obligations required for the initial five-year term, or to August 25, 2002. We
are now in the process of evaluating the information gained from drilling the
Arcadia-1 and Ealing-1 exploration wells, with a view to planning future Permit
exploration programs, if any. In the adjacent offshore area, Anschutz Petroleum
has plans to drill an exploration well during the 2002 calendar year. If this
well is successful, it would enhance the exploration prospectivity of PEP 38256.
The main exploration targets in PEP 38256 are considered to be the Chertsey
South and Salmon Structures, both situated around the Rakaia Trough area, which
is considered to be the most likely area of oil and gas generation in the
permit. Further seismic is required to establish either structure prior to any
consideration of drilling. If future seismic and other exploration proves to be
warranted, a critical part of our business plan will require capital to fund our
share of the exploratory costs. There can be no assurance that we will be able
to successfully raise the capital required, when required, to meet our
proportionate costs, or that we will be successful in discovering commercial
quantities of hydrocarbons, or that we will have access to capital to develop a
successful discovery without significant dilution or cost to our stockholders.

Employees and Consultants

We are in the start up phase with respect to our business and none of our
executive officers are bound by employment agreements. Mr. Cameron Fink
(President) and Mr. David Bennett (Vice-President of Exploration) devote less
than 20% of their time to our business. We do not have any employees.
Indo-Pacific Energy Ltd., as the operator of the Permit and of which Mr. Bennett
is the President and CEO, conducts exploration activities on PEP 38256 on behalf
of the joint venture. As the operator incurs expenses on the Permit, the
operator submits cash calls on a periodic basis to our company. The dollar value
of the cash call is based upon our respective percentage interests in PEP 38256.
All geological, exploration and technical services are provided by consultants,
through the joint venture. We also receive corporate services from DLJ
Management Corp., a subsidiary of Trans-Orient Petroleum Ltd. The services
consist of shareholder relations and communications, administrative and
accounting support. DLJ Management Corp. provides their services on an hourly
basis and has devoted less than 25% of their time to matters related to our
business. DLJ Management Corp. bills monthly for its services on a cost recovery
basis for labor and rent, office costs, and employee benefits.

Office and Properties

We recently relocated to a 200 square foot head office space, on a rent- free
basis, located at Suite 1400, 700 - 4th Avenue, Calgary, Alberta, Canada, from
which our President conducts business on behalf of our Company. We may likely
commence paying rent on this facility in the near future. Our company also
shares office space with two other companies located at 887 Helmcken Street,
Vancouver, British Columbia, Canada. Our company pays monthly rent in the
amount of CDN$1,000 to TAG Oil Ltd. (formerly "Durum Cons. Energy Corp.") for
use of the space. The Permit operator conducts business on our behalf in a 4000
square foot operations office in Wellington, New Zealand. This office space is
shared with the operator of PEP 38256, Indo-Pacific Energy Ltd. and two other
exploration companies. The operator bills us monthly for the facility on the
basis of actual hours worked for Permit related activities.

<PAGE>

We currently have no oil or gas producing properties and at present, no known
deposits of oil or gas. Currently, our sole asset is our 52.5% interest in PEP
38256. Indo-Pacific Energy Ltd. is the operator of PEP 38256 and is carrying out
the required exploration programs on behalf of the joint venture pursuant to an
operating agreement dated June 25, 1998, under which our initial interest in the
Permit was acquired. Under the terms of the operating agreement, each
participant in the Permit is entitled to a specified equity share or percentage
in the Permit, provided each participant pays for its pro rata share of
expenditures or cash calls related to the development of the Permit. The level
of expenditures and the work program are determined by agreement between the
members of the joint venture, who vote pro rata with respect to their equity
share with respect to expenditure proposals. If any participant, including the
operator, fails to meet its required obligations or pay its portion of the cash
calls, that participant will automatically relinquish its interest to the other
participants in the Permit.

PEP 38256 is located in the Canterbury Basin on the South Island of New Zealand.
The Canterbury Basin is located both onshore and offshore in the area
surrounding the city of Christchurch. The total area of the Canterbury Basin is
approximately twelve million acres. The permit area is situated in the onshore
area surrounding Christchurch. The initial permit term is five years from August
25, 1997, but a minimum of 50% was required to be relinquished within three
years. On August 25, 2000 the participants in PEP 38256 relinquished back to the
government of New Zealand 50% of the PEP 38256 permit area that was considered
to be of lesser potential. Subsequent to the relinquishment, PEP 38256 covers an
area of approximately 1.3 million acres, containing all the prospects and
exploration leads so far identified by our company and its joint venture
partners. The participants are required to relinquish a further 50% of the
remaining area of the permit upon the permit's renewal for its second 5 year
term on August 25, 2002.

The Permit is in good standing with the New Zealand Government, as we have met
all of the requirements under the initial work program. We currently estimate
that our share of expenditures to keep the permit in good standing for the
balance of the 2002 fiscal year requires approximately $15,000 to be incurred.

Results of Operations

During the first nine months of the current fiscal year, our activities related
to the Permit were minimal as we evaluated the results of the exploration
activities undertaken in the 2000 and 2001 fiscal year.

We did not generate any revenues from operations during the nine months ended
June 30, 2002, or during the comparable period. Our sole revenue during the
period was $3,113 in interest income earned on surplus cash balances, compared
to $13,088 for the nine months ended June 30, 2001.

Our total general and administrative expenses for the nine months ended June 30,
2002 were $115,752 compared to $135,206 for the comparable period. $31,869 of
the total expenses was amortization of deferred compensation related to our
stock option plan versus $79,522 in the comparable period. Salaries were $21,651
compared to $22,682 for the nine months ended June 30, 2001 and professional
fees were $33,131, versus $26,859 last year. The balance of our general and
administrative costs for the nine months ended June 30, 2002 consisted of office
expenses of $5,605, rent expense of $7,931, telephone expenses of $6,270, filing
fees of $2,524 and other expenses such as shareholder relations, foreign
exchange, website maintenance, travel and related costs and amortization of
capital assets totaling $6,771.

<PAGE>

During the nine months ended June 30, 2002, we wrote down our investment in
Trans-Orient Petroleum Ltd. to the approximate market value at the end of the
reporting period. This write-down amounted to $926 versus $18,766 for the
comparable period ended June 30, 2001. There was limited activity consisting of
permit maintenance and seismic reprocessing in PEP 38256 for the first three
quarters of the 2002 fiscal year. As a result, the company's expenditure for
the nine months ended June 30, 2002 was $11,419.

As a result of these transactions noted above, we incurred a loss of $113,565 or
$0.00 per share, compared to $850,228 or $0.04 per share for the nine months
ended June 30, 2001.

Liquidity and Capital Resources

During the nine months ended June 30, 2002, we did not have any financing or
investing activities. We did not have any financing activities for the
comparable period last year however for the nine months ended June 30, 2001 we
expended $522,484 in investing activities, primarily for exploration activities
within PEP 38256, including the Company's share of two exploration wells in the
first quarter.

At June 30, 2002 our current assets totaled $188,598 compared to $280,690 at the
beginning of the fiscal year, or $298,788 for the comparable period at June 30,
2001. Our current assets consisted of $187,164 in cash and $1,434 in prepaid
expenses. Our current liabilities at June 30, 2002 were $16,721, of which
$14,769 was due to related parties for Permit related costs and administrative
costs. Cash on hand is currently our only source of liquidity. We do not have
any lending arrangements in place with banking or financial institutions and we
do not anticipate that we will be able to secure these funding arrangements in
the near future.

We believe our existing cash balances are sufficient to carry our normal
operations for the next twelve months, unless additional seismic and drilling
activities are undertaken during this period. To the extent that we require
additional funds to support our operations or the expansion of our business, we
may sell additional equity or issue debt. Any sale of additional equity
securities will result in dilution to our stockholders. There can be no
assurance that additional financing, if required, will be available to our
company or on acceptable terms.

                             PART II -OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 2. Changes in Securities

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Submissions of Matters to a Vote of Security Holders

None

Item 5. Other Information

None

<PAGE>

Item 6. Exhibits and Reports on Form 8-K

(a) Exhibits

Exhibit No.   Exhibit Description Page No

None

(b) Reports on Form 8-K filed during the quarter.

None.

In accordance with the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                              AMG Oil Ltd.


Dated: August 13, 2002                      By:  /s/ Cameron Fink
                                               ---------------------------------
                                               Cameron Fink, President



                                            By:  /s/ Michael Hart
                                               ---------------------------------
                                               Michael Hart, Secretary


                             CERTIFICATION PURSUANT TO
                                18 U.S.C.ss.1350,
                             AS ADOPTED PURSUANT TO
                    SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

   In connection with the Quarterly Report of AMG Oil Ltd. (the "Company")
on Form 10-QSB for the quarter ended June 30, 2002 (the "Report") as filed with
the Securities and Exchange Commission on the date hereof, we, Cameron
Fink, President, and Michael Hart, Secretary and Treasurer, certify, pursuant
to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of
2002, that:

   (1) The Report fully complies with the requirements of Section 13(a) of the
Securities Exchange Act of 1934; and

   (2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Company.



/s/ Cameron Fink                          /s/ Michael Hart
--------------------------------         -----------------------------------
Cameron Fink                             Michael Hart
President                                Secretary/Treasurer


August 13, 2002


<PAGE>